BOC HONG KONG (02388): Provides RMB trade financing for multiple enterprises with a maximum withdrawal amount of up to 400 million RMB

BOC HONG KONG (02388) stated that as one of the first banks to participate in the HKMA's RMB Trade Financing Facility of 100 billion RMB, it has provided RMB trade financing to several companies including Petrochina, China Petroleum & Chemical Corporation, Hebei Iron and Steel Group, Hisense Group Holdings, and Jinlong Automotive Group. The maximum withdrawal amount per transaction can reach up to 400 million RMB, involving various services such as import invoice financing and trust receipts under letters of credit. Wang Huabin, Vice President of BOC HONG KONG, mentioned that the new RMB trade financing facility launched by the HKMA will deepen financial cooperation between mainland China and Hong Kong, effectively lower the financing costs for enterprises, and promote the development of the real economy. The first batch of businesses that have used this facility have given positive feedback, believing that the policy meets market demands. They will continue to closely monitor and actively take advantage of new policies to further expand the use of RMB in trade. BOC HONG KONG will continue to explore more applications for RMB assets, actively participate in the development of offshore RMB markets, and strengthen Hong Kong's position as a global offshore RMB hub. The new RMB Trade Financing Facility launched by the HKMA with the support of the People's Bank of China through currency swap agreements is an important market mechanism innovation. It provides RMB funds of scale, stability, and term lengths that meet the needs of most trade financing. BOC HONG KONG will leverage its cross-border business advantages to tailor personalized RMB comprehensive service solutions for enterprises and assist them in seizing business opportunities.